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Stocks had a mixed close yesterday as rising bond yields collared any high hopes of solid gains. Consumer Confidence stages a comeback, beating economists’ estimates – praised be the almighty consumer.

Stocks rallied in a low-volume session as traders bought stocks on sale from the previous days’ carnage. Michigan sentiment gets an upward revision on confidence and a downward revision on expected inflation – 👍, says the market.

Stocks declined for a second straight day on good economic data with investors fearing that the good news would further harden the Fed’s heart. Flash PMI data surged, surprising economists and hopeful stocks bulls in a good is bad trading session.

Stocks gave up ground yesterday largely in response to the hawkish tone of the May 1st FOMC meeting minutes. Existing Home Sales unexpectedly declined in April where the Northeast region remains softer than pre-pandemic levels.

Stocks raced higher yesterday with the S&P and Nasdaq closing the session perched on fresh highs. Fed members walk the fine line between pleasure and pain for the markets.

Stocks climbed yesterday as traders awaited some key earnings and tomorrow’s Fed minutes for some direction. Fed officials are determined to get a summer off, choosing to be reactive rather than proactive, forgetting how that worked for them a few years ago.